Overview
EigenYield turns the swap-fee cash flow of locked Pons pools on Robinhood Chain into one ERC-4626 token. You hold the fees, not the coins.
What EigenYield is
EigenYield is a single vault on Robinhood Chain. It owns the right to future swap fees of pools whose liquidity is permanently locked, and it issues eYLD, an ERC-4626 share priced at net asset value.
It never holds the underlying tokens. A Pons pool charges no LP fee at all; its hook takes 1% of every trade and pays part of that to a creator fee recipient, which is an address the current recipient can transfer. A creator sells that stream to the vault, gets paid up front in ETH, and takes the recipient back when the term ends. The tokens never move, the position never moves, and the vault carries none of the price.
Long volume, not price
This is the whole thesis. A vault that holds tokens is long price. EigenYield is long the number of times people trade. Those are not the same bet, and in launchpad markets they often point in opposite directions: the day a meme falls 80% is the busiest trading day it will ever have.
Memes dump
price down 80%
Volume spikes
everyone trades at once
Harvest rises
fees are a cut of volume
NAV cannot fall because a constituent fell. It can go flat, which is the honest failure mode: if nobody trades, nobody pays. See Risk.
Why eigen
Pool fees are correlated. When Robinhood Chain is busy every pool earns more; when it is quiet every pool earns less. Stack the daily fees of every eligible pool into a matrix and take its first principal component. That factor is the market yield, and it is the only thing the vault pays for. Everything after it is single-name noise. The full derivation is on Spectrum.
The numbers
5
fee streams held
32.4%
λ₁ share of fee variance
$48.1M
24h volume across them
11,560
annual fee flow, ETH
These come from the same reader the site serves at /api/stats, refreshed every ten minutes from live GeckoTerminal volume. Anything derived from the model is labelled model wherever it appears.
The funnel behind that first number: the chain scan returns 54 pools, the ones with enough price history and real depth are kept, and 5 of those clear the eligibility gates. The site indexes the deepest pools by volume, so most candidates that survive the scan also clear the gates; the gates exist to catch the ones that do not, and the basket table marks them.